Authorities in Switzerland have seized four bank accounts of fugitive Nirav Modi and his sister on a request by the Enforcement Directorate (ED).

The request was made on the grounds that the money deposited in these accounts had been illegally siphoned off funds from Indian banks, and therefore, represented proceeds from crime. In the four accounts, Nirav Modi and his sister Purvi have a balance totalling Rs 283.16 crore.

Along with her brother, Purvi Modi is also an accused of money laundering in the Rs 13,000-crore Punjab National Bank scam. A red corner notice was also issued against Purvi by the Interpol in September last year. The ED had filed a charge sheet against the duo and the others accused in the case in a Mumbai court.

Nirav is absconding since the alleged bank fraud, which came to light last year. The ED had sent an extradition request to the UK government in July last year, and the Scotland Police arrested Nirav Modi on March 19 from Holborn Metro Station in London. He is currently lodged in Wandsworth Prison in South-West London. He has applied for bail four tomes but each time, his plea has been rejected by UK court.

On June 27, he was produced before court via video link for a remand hearing. Under UK laws, he has to be produced before court every four weeks. The court has remanded him in custody till July 25. The central probe agency will now make a move for seizure and subsequent confiscation of the four bank accounts under the Prevention of Money Laundering Act.

Multi-Crore Bank Fraud

• Nirav Modi, uncle Mehul Choksi and others are being probed by ED and CBI for allegedly defrauding PNB of over Rs 13,000 crore
• Nirav is absconding since the alleged fraud, by far the highest in country in terms of value, came to light last year
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—Zee Media Newsroom